Shares of Cisco (CSCO) were down about 1.5% before the opening bell after the company announced it will be cutting up to 7% of its workforce, or about 5,500 jobs, in an aftermarket earnings release Wednesday. The San Jose, Calif.-based tech giant also released better-than-expected earnings for its fiscal fourth quarter, with earnings per share of $0.63 topping analyst forecasts by $0.03. Sales of $12.64 billion for the period also topped expectations of $12.57 billion. Cisco shares, which are held in Jim Cramer's Action Alerts PLUS charitable trust, are up roughly 14% over the past three months. About 56% of Cisco's listed analysts hold Buy ratings, while 42% maintain sells, and the average 12-month price target is $32.70.
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